In March 2023, the order volume of industrial companies in Germany fell by 10.7% compared to February, according to data from the Federal Statistical Agency of Germany. According to Trading Economics, this indicator rose by 4.5% in February, and analysts expected a contraction of no more than 2.2%, but their expectations did not materialize – the fall was a record since April 2020 .
In annual terms, the fall in orders amounted to 11%, although in February the figure was at the level of 6%, with a forecast fall of 3.1%.
As for the volume of domestic orders of industrial companies in Germany, it fell in March by 6.8% in monthly terms. Foreign demand also fell – the drop was 13.3%. At the same time, orders from eurozone countries fell by 10.8% and from other states by 14.8%.
Compared to February, all was not good in Germany with orders for intermediate goods (down 7.5%) and capital goods (14.1%). Only orders for consumer goods increased, their growth being only 1.2%.
Earlier it was reported that high-quality Russian oil, which was forced to sell at an impressive price due to Western sanctions, hit the industry in Europe. As Reuters noted, Old World refineries lost significant profits as Asia, which turned almost entirely to Russian raw materials, literally flooded Europe with its diesel fuel.
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